Go to top
Policing digital highways: smiling at the local algo camera?
Archive
29 May
2015

Policing digital highways: smiling at the local algo camera?

JWG analysis. Given the 5 year latency between flash crash and recent arrest, John Bates wondered whether the regulators were riding bicycles to try and catch up with the sporty cars driven by the Flash Boys, the high-frequency traders. Although HFT represents a large percentage of trading volume, what ‘it’ is and how it can Read More

26 Jan
2015

Taming your trading troubles: regulation in a global market

  • 26th January 2015
  • RegTechFS

JWG analysis. The chief of the CFTC pronounced from Japan this week that implementing regulatory reform means overcoming “legal traditions, regulatory philosophies, political processes, and market concerns”.  Looking at the global trading regulatory climate that surrounds MiFID II, we couldn’t agree more. Those struggling to digest the MiFID II texts and get to Paris for Read More

02 Sep
2014

New regulatory consequences could be personal nightmares

JWG analysis. Following our review of the $260,000,000,000 total cost of regulatory transgressions, we now take a look at what the actual fines are and what the future holds? Firstly, according to the LSE’s review of 2009-2013 fines, is that 38% of fines are related to control failures like governance, internal controls, market abuse and Read More

03 Jun
2014

MiFID II: the 21st Century surveillance system?

As debate rages across the Atlantic today over controlling HFT in Chicago, we’ve been digging into ESMA’s 42 pages on transaction reporting in its MiFID II discussion paper.  See here for more background on the 860 questions that need to be answered by 1 August.  Years after Dodd-Frank upgraded the surveillance capability of the US, Read More

20 Mar
2014

What a difference EMIR makes. Or does it?

JWG analysis. This week marked the one year anniversary of EMIR’s first implementation deadline.  And what a difference a year makes … or does it? This time last year, banks and their customers were busy determining who had passed certain thresholds (determining who would be classified as NFC or NFC+), along with implementing confirmation processes Read More

18 Mar
2014

MiFIR: one little word with big implications for data vendors

  • 18th March 2014
  • RegTechFS

JWG analysis. Once MiFIR is enacted over the coming months, there will no doubt be a lot of concern about one little word that threatens to have a serious impact on the commercial operations of many service providers in Europe. That word is ‘reasonable’. By itself, the word reasonable seems harmless. But when used as Read More

04 Mar
2014

Putting the ‘PRA’ in suPRAnational

JWG analysis. The Prudential Regulation Authority last week published a consultation paper that threatens to impose stricter requirements on international banks operating UK-based branches. The new proposals have been designed to ‘ensure the stability of the UK financial system’ by promoting ‘safety and soundness’, including requirements for increased transparency, resolution measures to protect investors and Read More

27 Feb
2014

ESMA publishes 3rd country CCP list

  • 27th February 2014
  • RegTechFS

JWG analysis. ESMA has published an updated list of non-EEA central counterparties (CCPs) that have applied for recognition under Article 25 of EMIR. ESMA has taken care to note that the list is not exhaustive and only includes applicants that have agreed to have their name mentioned. Those CCPs that pass the approval process will be permitted Read More

26 Feb
2014

Algo tagging: what’s the logic in examining the logic?

JWG analysis. When the requirement brought about by the German high frequency trading act to tag algorithms comes into force in April of this year, market participants may well feel hamstrung by the complexity of the regime.  And while the regulatory goal of improving market surveillance and reducing systemic risk may be valid, some might Read More